TORONTO, Dec. 5, 2019 /CNW/ - (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces that the Toronto Stock Exchange (the "TSX") has accepted the notice of Lundin Mining's intention to renew its normal course issuer bid (the "NCIB").
This approval allows the Company to purchase up to 63,797,653 common shares of the Company (the "Common Shares") (representing 10% of the 735,397,977 issued and outstanding Common Shares as of December 4, 2019, minus those Common Shares beneficially owned, or over which control or direction is exercised by the Company, the senior officers and directors of the Company and every shareholder who owns or exercises control or direction over more than 10% of the outstanding Common Shares) over a period of twelve months commencing on December 9, 2019. The NCIB will expire no later than December 8, 2020.
All purchases made pursuant to the NCIB will be made through the facilities of the TSX or other alternative Canadian trading systems. In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 517,131 Common Shares, which represents 25% of the average daily trading volume of 2,068,525 Common Shares on the TSX for the six months ended November 30, 2019. The price that Lundin Mining will pay for Common Shares in open market transactions will be the market price at the time of purchase.
The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. Any Common Shares that are purchased under the NCIB will be cancelled.
Under the Company's current NCIB that commenced on December 7, 2018 and expires on December 6, 2019, the Company previously sought and received approval from the TSX to purchase up to 63,718,842 Common Shares. As of December 3, 2019, the Company has purchased 2,812,627 Common Shares under its current NCIB through open market transactions at a weighted average price of approximately $6.44 per Common Share.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on December 5, 2019 at 02:00 Eastern Time.
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained herein, other than statements of historical fact and historical information, is "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements with respect to Lundin Mining's proposed normal course issuer bid and the number of Common Shares that may be purchased under the normal course issuer bid. Words such as "will", "intends", "expects", "believe", "anticipate", "possible", "if", "will be", "may" and "schedule", or variations of these terms or similar terminology or statements that certain actions, events or results "could" occur or be achieved are intended to identify such forward-looking information. Although the Company believes that the expectations reflected in the forward-looking information contained herein are reasonable, these statements by their nature involve risks and uncertainties, and are not guarantees of future performance. Forward-looking information is based on a number of assumptions, and subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Risks include but are not limited to the market price of the Common Shares being too high to ensure that purchases benefit the Company and its shareholders, as well as additional risks disclosed in filings made by the Company with Canadian securities regulatory authorities. There can be no assurance that the Common Shares will, from time to time, trade below their value or that the Company will complete purchases of Common Shares pursuant to the NCIB. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward- looking statements, except to the extent required by applicable law.